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Tennessee Lis Pendens regarding interest in property from marital...

Tennessee Lis Pendens regarding interest in property from marital trust

Name: Tennessee Lis Pendens regarding interest in property from marital trust
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.87 (342 reviews)

Category:

Tennessee Court Samples - Real Estate - Lis Pendens

State:

Tennessee

Control #:

TN-E254

Format:

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Lis Pendens regarding interest in property from marital trust

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How to fill out Tennessee Lis Pendens Regarding Interest In Property From Marital Trust?

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FAQ

The homeowner can enter into a contract to sell the property, but the claim of the person who has filed the lis pendens has to be paid or settled before title can pass free and clear to the buyer. If the house closes, the buyer would ultimately have to accept the outcome of the pending litigation.

The recording of a lis pendens creates a cloud on title which notifies interested parties of the pending claims against the subject property. The presence of a recorded lis pendens can make it nearly impossible to finance, refinance or sell the subject property until the lis pendens has been removed.

Lenders are usually unwilling to finance a mortgage until the lis pendens has been removed from the title. In addition, while a property can still be sold while there is a lis pendens, title companies will not insure the property, and that alone should be a deterrent to purchasing.

Lis pendens provides constructive notice, or a warning, to prospective homebuyers that the ownership of a property is in dispute and there is litigation pending. Lis pendens can only be filed if a claim is related specifically to the property.

Lis pendens is nothing more or less than an official public notice that a lawsuit has been filed that involves a claim on a property.One party is using lis pendens as a way to protect its claim, and in the process, create hurdles for selling the property. It won't prevent the sale, but most buyers will steer clear.

The lis pendens can be removed once the lawsuit is settled and the court has ruled on an outcome. It might also be resolved on its own if an agreement is reached between the title owner and whoever filed the complaint. If the claim was wrongfully filed, the lis pendens will be expunged.

Because lis pendens are typically recorded in the real property records, the effect of lis pendens is that it puts others on notice that there is a dispute concerning the real property.

Tennessee Lis Pendens regarding interest in property from marital trust

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Can I sell my house with a lis pendens?

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Can you buy a house with a lis pendens?

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